CB Richard Ellis – Albany has released the Office Market Survey for the second quarter of 2008. The survey reports increased office vacancy throughout the Capital Region during the second quarter, while lease rates remained relatively flat. The vacancy rate for all office classes across the region stood at 11.2 percent, up from 10.4 percent in fall 2007. Nationally, the second quarter office vacancy rate was 13.6 percent.
The vacancy rate across all office classes in downtown Albany increased from 10.7 percent (fall 2007) to 12.7 percent. Downtown Schenectady had the lowest city office vacancy rate, 5.6 percent.